Talent remains in short supply, but what if there was a way to source talent with great skills in your own neighborhood? Remote work and nearshoring could broaden your talent base considerably.

“Proximity brings value,” Mauricio Scion, CEO and founder of SGF Global, a nearshoring staffing provider, said during a recent webinar conducted in partnership with SIA. Along with great talent and English fluency in many geographies, nearshoring can greatly reduce the cost of labor and offers a multitude of skills and facilities — from manufacturing to IT and beyond. While there is a limited number of MSP providers and limited competition, there is a historic economic opportunity to explore nearshoring, and these countries are attracting significant interest and investments.

In addition to English fluency and reduced costs, nearshoring to Latin American and Caribbean talent can translate to faster delivery times and increased flexibility. Also, Latin America can be a better choice than China for some companies due to supply chain issues and intellectual property protection. In terms of collaboration, their proximity by time zone is a benefit as well. For example, businesses on the East Coast are within three time zones of all Latin American and Caribbean provider countries.

“It’s important to note that although there can be absolute cost savings recognized, there is no impact on the quality of the candidate or the work they perform,” says Dawn McCartney, VP of SIA’s Contingent Workforce Strategies Council. “Most have already been engaged with large enterprise buyer organizations, so they understand what is required to be successful, including metrics such as KPIs and SLAs.”

While the benefits are many, programs should be aware of the challenges their programs might face in pursuing nearshoring as a talent acquisition solution. Such challenges can include infrastructure development, legislative compliance, skills verification, logistics and cultural understanding. Collaboration with third-party providers along with due diligence investments in technology and talent are key to both short- and long-term success.

Nearshoring can be a very efficient solution for US companies, but make sure you have a strategic talent acquisition process in place to ensure you obtain the best talent from Latin America.

For more information about the benefits of nearshoring, view this webinar replay.